Following off of Part 1 of our Q2 2023 Earnings Season Report Card, which focused on production and financial metrics, we are looking at per-barrel indicators in Part 2. Shifts in commodity prices impacted Canadian producers in various ways this quarter, particularly for gas-weighted companies. While inflationary pressures remain a factor, price changes are not homogenous across cost categories and we see some interesting variety in how cost structures are being impacted. This analysis was [Read more]
BOE Intel Field Roundup – Pembina Cardium
For the next entry in our BOE Intel Field Roundup article series, we're examining one of the most established fields in the Canadian oil patch: Pembina. Despite a track record of production that extends decades into the past, this property continues to prove a productive asset for companies operating in the region. Unlike many other major fields in the Western Canadian Sedimentary Basin, a large number of companies own significant mineral rights holdings at Pembina; the field is operated by a [Read more]
BOE Intel Q2 2023 Report Card – Part 1
With the vast majority of public Canadian producers having now released their Q2 2023 results, it's high time for a review of a tumultuous quarter in the oil patch. With wildfire-related production curtailments and difficult macroeconomic conditions taking center stage, Q2 2023 was a challenging period for many producers. This was particularly true with respect to natural gas producers, who navigated a worsened price environment that hasn't fully recovered. With that said, more than a few [Read more]
July-August Licence Activity Review – A busy summer in the Montney
The past month has seen an uptick in licensing activity across the Canadian oil patch. From July 13 to August 12, 536 licences were obtained. This represents a 22.1% increase over the previous month, which saw companies obtain 439 new licences. This past month’s licences were spread across 80 unique licensees, representing an average of 6.7 licences per licensee. Using data from BOE Intel and Petro Ninja, we’ve identified a number of trends across the various producers and producing [Read more]
Private Company Review – West Lake Energy Corp.
Founded in 2016, West Lake Energy is a Canadian producer with a broad set of mineral rights that extend from central Alberta to west Saskatchewan. The bulk of the company's recent drilling and licensing activity has straddled the Alberta-Saskatchewan border, with the Provost medium oil project accounting for most of West Lake's current production. According to gross licensed production data from BOE Intel and Petro Ninja, West Lake is an oil-weighted producer with natural gas, condensate and [Read more]
Leucrotta Exploration Asset Sale Review – BOE Intel
Leucrotta Exploration was sold to Vermilion Energy in May 2022. Freshly-incorporated Coelacanth Energy was spun out as a new company as part of the arrangement. Leucrotta was a pure-play Montney producer with assets predominantly located in the Mica and Two Rivers properties. The arrangement, for which Vermilion paid a net cash purchase price of $477 million, saw Vermilion acquire the Mica property that had an estimated 2023 production potential of 13,000 BOE/d. Coelacanth, on the other hand, [Read more]
BOE Intel Field Roundup – Pouce Coupe South
For the second entry in our Field Roundup series, we're analyzing one of the most popular locations associated with Canada's Montney play: Pouce Coupe South. Just east of the Alberta-BC border, this field has been the location of 159 new licences since January 1, 2022. With 8 unique licensees during this period, it's clear that the area has broad-based appeal for Canadian producers. Although 70% of wells licensed in this field since 2022 target the Montney, we have included all wells targeting [Read more]
June-July Licence Activity Review – Cenovus tops an oil sands heavy month
We've observed a slight decline in licensing activity in June-July compared to last month, although activity levels remained elevated relative to the month prior; there were 509 new licences obtained in Canada in the past 30 days (June 12 to July 12) compared to 536 last month (May 12-June 11) and 473 in the month before that (April 12-May 11). This past month's licences were spread across 89 licensees, representing an average of 5.7 licences per licensee. Using data from BOE Intel and Petro [Read more]
Enerplus’ Great Canadian Withdrawal – BOE Intel
Enerplus, once a major producer in the WCSB, has all but exited the Canadian oil patch after a number of large asset sales in 2022. While the company is still the licensee for 124 wells classified as "active" or "location" per data from Petro Ninja, these wells are producing petroleum volumes that are effectively immaterial for a company of this size; Enerplus, which produced nearly 98,000 BOE/d in Q1 2023, only produced around 180 BOE/d from its remaining licensed wells in Canada last month. [Read more]
BOE Intel Field Roundup – Marten Hills
We thought it was high time to review recent activity in one of the WCSB's most exciting fields: Marten Hills. Since Jan 1 2022, this Clearwater field has seen some of the most licensing activity of any area in Canada. This activity has been split between 5 producers, who have been competing to make the best of this exciting play. In fact, one section of the Marten Hills field saw licensing activity from 4 different producers in the past 18 months. In order to help our readers better understand [Read more]
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